Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Taxes | |
| Income Taxes | 14. Income Taxes For the three months ended June 30, 2026, we recorded an income tax expense of $2 million on pre-tax loss of $386 million compared to an income tax benefit of $45 million on pre-tax loss of $246 million for the three months ended June 30, 2025. Our effective income tax rate was (0.5%) and 17.5% for the three months ended June 30, 2026 and 2025, respectively. For the three months ended June 30, 2026, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such loss is allocated to the partners, changes in pre-tax earnings attributable to noncontrolling interests and changes in valuation allowances. For the three months ended June 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership loss for which there was no tax benefit as such loss is allocated to the partners. For the six months ended June 30, 2026, we recorded an income tax benefit of $47 million on pre-tax loss of $998 million compared to an income tax benefit of $119 million on pre-tax loss of $900 million for the six months ended June 30, 2025. Our effective income tax rate was 4.7% and 13.0% for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such loss is allocated to the partners, changes in pre-tax earnings attributable to noncontrolling interests and changes in valuation allowances. For the six months ended June 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership loss for which there was no tax benefit as such loss is allocated to the partners.
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